Fintech, Finance, Technology, Banking Highlights – 14 November 2018
UK banks eyeing Revolut’s new security platform
Revolut, a financial technology company, has announced their intention to become a world leader in customer protection, and unveiled a new fleet of machine learning technology that has already seen a fourfold reduction in card fraud.
Instead of being completely reliant on timely manual processes, Revolut is determined to tackle card fraud and money laundering with algorithms, leveraging the power of machine learning and computational techniques to better protect their customers.
Over the last 12 months, Revolut has heavily invested in scaling its data science and engineering functions in line with its vision to automate, accelerate and improve the quality of decision-making when it comes to card fraud and money laundering.
Revolut’s state of the art technology is able to develop deep insights and predictions around customer behaviour so that they can dynamically identify new card fraud patterns without explicit human intervention. These systems work by applying complex mathematical models to large sets of data in order to identify anomalies, offering a greater degree of accuracy when it comes to decision-making, and saving their customers valuable time.
Fluidly raises £5 million in Series A funding
Fluidly, a London-based fintech startup delivering intelligent cashflow management for SMEs, has completed a £5M ($6.5M) Series A funding round.
Fluidly defines a new software category – Intelligent Cashflow. Cashflow management is the single biggest financial pain-point that businesses face, and knowing their future financial position is of critical importance. Fluidly uses machine learning to predict and optimise the future cashflows for SMEs and provides the key to financial decision-making.
Fluidly is a SaaS platform that integrates with both cloud accounting packages and Open Banking APIs.
New-York based Nyca Partners led the round with participation from other investors including Octopus Ventures, Anthemis and tech angels Simon Murdoch and Charlie Songhurst. The new funding will be used to expand the team of engineers and data scientists working to advance the product, and also to build sales and marketing capacity.
Since launching a year ago, Fluidly has grown rapidly and is now working with nine of the Top 20 UK accounting firms, (including BDO, Mazars, Baldwins and Haysmacintyre, as well as numerous smaller accountants) to reach thousands of SME end users. Fluidly has also formed partnerships with leading cloud accounting software providers, becoming one of the fastest-growing apps on Xero’s marketplace and a Champion-level Sage partner.
Loomis & SixThirty Invest in Swiss FinTech Startup Sonect
The Swiss FinTech startup Sonect revealed that cash management specialist Loomis and global FinTech venture fund SixThirty recently invested in the company.
Loomis entered into a global partnership with Sonect and will help to accelerate Sonect’s growth with its expertise and large customer-base. Furthermore, Sonect was selected for the SixThirty go-to-market program, receiving yet another recognition of belonging to the most innovative and promising FinTech startups from around the world. These investments follow Sonect’s recent successful completion of the 2018 VC FinTech Accelerator program, sponsored by leading financial technology provider FIS.
Loomis joins as investor after announcing global partnership with Sonect
Just recently the global cash management specialist Loomis announced its global partnership with the Swiss FinTech. Now Loomis extends its relationship by coming on board as an investor.
Loomis is the specialist in creating an efficient cash flow in society and operates across more than 20 countries. Loomis offers services from transporting, processing to storing cash for financial institutions and retailers.
B3 and Shanghai Stock Exchange officially launch market data cooperation
Brasil, Bolsa, Balcão (B3) and Shanghai Stock Exchange officially launch market data cooperation. SSE InfoNet, the wholly owned subsidiary of Shanghai Stock Exchange, together with its subsidiary in Hong Kong-China Investment Information Services Limited (CIIS) will act as the administer and official distributor of B3 market data in mainland China.
7 local vendors got the permission certificates granted by SSE Infonet to use and onward dissemination of B3’ Market Data of Ibovespa Index.
Through the cooperation, Shanghai Stock Exchange will advance its international strategy by coping with global exchanges. The cooperation will provide convenience for Chinese investors to know B3 market, as well as help B3 to promote their business in mainland China. It is a mutual benefits model for both exchanges.
